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Peter Oleshchuk
Feb 3, 2022
by Peter Oleshchuk

XRP Technical Analysis: Positive Scenario Is A Test Of $0.8

XRP Technical Analysis

Table of contents

  1. XRP Technical Analysis On The Daily Timeframe
  2. The XRPBTC Price Looks Dangerous
The last trading weeks in the XRP market gave good results to sellers. Starting in November 2021, the XRP price has fallen by 60%. Sellers managed to test the consolidation range for the period of June-July 2021. It is from the price range of $0.52-$0.6 the wave of XRP price growth has started with the final target of $1.32. And in the end we see consolidation in the global timeframe, which has been going on since May 2021.

XRP

At the moment, the XRP price is at the bottom of this consolidation and buyers are trying to start a new local growth wave. Trading volumes during the last fall wave in November 2021 are low. The price without much resistance stopped near the liquidity zone of $0.52-$0.6. That is, there is no clear interest of buyers to change the situation in the XRP market.

The best case scenario for the XRP market at the moment is a price rebound from the lower limit of consolidation with the first target of $0.8. At this point, it will become clear whether the global consolidation scenario is relevant and whether the XRP price should continue to grow to $1.1.

XRP Technical Analysis On The Daily Timeframe

TradingView Chart

Analyzing the XRP price movement on the daily timeframe, we can see that the interest of buyers was high in the range of $0.52-$0.6. However, this lasted for only a few days. On 26 January, when buyers on the increased volumes tried to start a rebound, the daily candle closed with a large pin up. This situation has shown that there are a large number of sellers in the XRP market. And they are ready to sell aggressively, even at local lows after a strong fall wave.

After 26 January, trading volumes in the XRP market fell to normal and the price continues to move in a narrow consolidation. Until buyers sell out the entire offer of sellers in the market - the consolidation of the daily timeframe will continue. However, given the fact that sellers could not fix below the previous low of 4 December - the probability of a rebound to $0.8 is high.

The XRPBTC Price Looks Dangerous

TradingView Chart

Lack of interest in actively buying XRP can be seen on the price chart of XRPBTC. Starting from August 2021, the XRPBTC price has been steadily falling. The total collapse falls within the range of 0.000016-0.000017. But, every time buyers react less and less to the test of this range. It seems that sellers decided to take this range out of fatigue, using a stable pressure. If the range of 0.000016-0.000017 does not stand we will expect a new fall wave by 30% down.

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XRP Technical Analysis: Positive Scenario Is A Test Of $0.8
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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